Stock quotation system



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Nm M, 1939. J. BELLAMY STOCK QUOTATION SYSTEM Original Filed Dec. 11, 1929 16 Sheets-Sheet l6 -In1.re n or John I. BeHam 74 atenteol Nov. 14, 1939 PATENT OFFiE STOCK QUOTATION SYSTEM John I. Bellamy, Brookfield, 111., assignor, by

mesne assignments, to Associated Electric Laboratories, Inc, Chicago, 111., a corporation of Delaware 13 Claims.

The present invention relates to stock-quotation systems, but is concerned more particularly with systems of this kind wherein the transmitter comprises a register sender and wherein the receiver comprises an indicating device responsive to impulses received from the transmitter.

This application is a division of my application Serial No. 413,205, filed December 11, 1929. In the parent application, the main object, broadly stated, is the production of a new and improved transmitting and receiving system suitable for transmitting information regarding the selling price of stocks so that such prices may be received and set up on indicators at a plurality of points.

This divisional application covers the novel features of the new and improved receiver or display indicator, one of which is provided at each place whereat the transmitted quotations are to be received and displayed.

The system herein disclosed is an improvement on the system disclosed in the application of Bellamy et al., Serial Number 3'78, 208, filed July 15, 1929. As pointed out in this prior application, it is customary for a stock broker to have a so-called stock ticker in his oflice from which a tape slowly unwinds, giving the selling prices of the active stocks. The broker has an attendant Who reads the tape and marks down the prices on a blackboard so that the waiting customers may see the trend of the market. In addition to showing the last selling price in a space provided under the name of a given stock, the blackboard shows yesterdays closing price, todays opening price, the high price of the day, and the low price of the day.

GENERAL DESCRIPTION One outstanding disadvantage of the method of procedure above outlined is that the person writing down the prices and making continuous changes is as often as not in such a position as to obscure the board from the view of the customers. In addition, the total amount of labor required, considering the brokers offices as a whole, is quite enormous, and it is to the interest of efficiency to reduce this labor to a minimum. For this purpose, it is proposed in the above-mentioned prior application, to provide a single point at which the desired information can be recorded and to provide an automatically operated indicator in each brokers oflice controlled from a separate transmitter at the single recording point.

It is proposed further in the said prior application, to make use of the usual ticker tape at 1 the central point, and to provide two operators for setting up the quotations. The stocks are listed by means of the letters of the alphabet, some stocks being represented by a single letter, some by two, and others by three. In order to make a division of stocks between the two operators, all stocks represented by the letters A to K may be assigned to one operator, as well as all stocks of two or three letters of which the first letter is A to K. The second operator takes care of the sales involving the stocks L to Z and the plural letter stocks whose designations begin with any one of the letters L to Z.

' Certain outstanding features that distinguish the present system from the system disclosed in the above-mentioned prior application are as follows:

1. In the transmitter, instead of depending upon a slow-acting relay to provide the timing between successive transmissions, additional count'mg relays are provided auxiliary to the sender which count a predetermined number of operations of the controlling interrupter before permitting the sender to start a new quotation.

2. In order to obviate the use of repeaters between the transmitter and the plurality of receivers to be operated thereby, and in order to secure faster operation in the receiver, a novel arrangement has been devised employing vacuum tubes in the receivers which respond tothe impulses from the transmitter and repeat current impulses to the receiving apparatus. The advantage of this arrangement is that the current fiow over the connecting line between the transmitter and the multiple-connected receivers is practically zero, and that relatively small potential changes of the interconnecting conductor, cause any desired current change in the receivers through the medium of the receiving vacuum tubes.

3. In the receiver, a local sender is provided'to set the stock registers under the control of the registering apparatus which responds to the received impulses. By this means, the registers themselvesmay be made simple responding devices without a testing function, as in one modification of the said prior application, and without elaborate mechanical interconnections as in the other modification of the said prior application.

4. By means of novel circuits within the receiver, a portion of the register can be released so that a second quotation may be partly received while the local sending apparatus is setting the stock registers in accordance with a first quotation.

In the local sender employed in the receiver to set the stock registers, new circuit arrangements have been devised which may be applicable to senders in general. One new arrangement involves usingan impulse-transforming device, preceding the counting-relay chain of the sender, arranged to send only half as many impulses to the said counting relays as are sent to the stock registers being operated, so as to enable a reliable counting-relay arrangement to be used, employing two relays per impulse delivered to the counting relays, but only one relay per impulse delivered to the stock registers.

Description of drawings Referring now to the drawings comprising Figs. 1-1'7, they show by means of the usual circuit diagrams and mechanical drawings a transmitting and receiving system embodying the features of the invention. More in particular, Figs. 1-8 and 8A show a transmitter which may be designated as the transmitter TI; Fig. 9 indicates the transmitters T2, T3, and T4, together with a few of the plurality of receivers; Figs. 10, 11, 11A, 12, and 12A show circuit drawings of one of the receivers, RE'I; Figs. 13 and 14 indicate mechanical details of a stock register used in the receiver; Fig. 15 is a table showing the code according to which the impulses are transmitted by the transmitter and are received and recorded in the receiver; Fig. 16 shows a modified form of the receiver RE'I' to be used whenever differences in ground potential are sufiicient to interfere with the operation of the receiving arrangement of Fig. 10; and Fig. 17, appearing on the lower part of the same sheet with Fig. 5, is a layout of Figs. 1 to 12A.

The transmitter In the transmitter, Figs. 1 to 8A, the apparatus for registering the stock-designating letters, set up on the stock-letter keys of Fig. 1, comprises the stock registers SRI, SR2, and SR3 of Fig. 2; and the apparatus for translating the registration of stock letters into a three-digit code to be sent to the receiving stations comprises the stock translators STI, ST2, and ST3, as well as the intermediate distributing frame IDF, Fig. 3. The price registers for registering the price (at which a current stock transaction took place) under the control of the digit keys of Fig. 5 comprises the price registers shown in Fig. 7. The price register PH registers the price-hundreds digit; the register PT registers the price-tens digit; the register PU registers the price-units; and the register PF registers the price-fractions digit. These designations hold true in case a full price quotation is sent, but the arrangement varies somewhat in case a lesser number of price digits is sent as will be hereinafter explained.

The stock-code registers, shown in Fig. 4, are set from the translating apparatus of Fig. 3, through the intermediate distributing frame IDF, and comprise the stock-hundreds register SH, the stock-tens register ST, and the stock-units register SU. It may be further pointed out that a so-called range indication (to be later explained) is registered on the stock-range register SR of Fig. 6 under control of the range keys of Fig. 5, and that a price-range registration is set up automatically by the action of the transfer relays, 70!, 103, I05, and I07, associated with the price registers of Fig. 7.

It will be noted that the lower portion of Fig. 6 includes a rectangle labeled Register set #2. This register set #2 contains a duplicate of the equipment shown in Figs. 4 and 7, of the range register R of Fig. 6, and of the relays 835 and 836, Fig. 8. The two register sets are arranged to be used alternately so that a second registration may be set up immediately following the first and while the first is held stored on the first register set and is being transmitted. The relays 6M and [H5 are common to the two registers and are arranged to switch from one register to another to automatically switch the next register into service.

The apparatus shown in Figs. 8 and 8A is the sending apparatus and it sends digit impulses under the control of the two register sets shown in Figs. 4, 6, and 7. The impulses transmitted by the sender of Fig. 8 go out over the conductor 85! to the several receiving stations, as will be hereinafter explained.

The receiver In the receiver, Figs. 10, 11, 11A, 12, and 12A, the vacuum tubes I04I and I042 have their grid elements connected to the incoming line conductors 9I0, and they have the responding relays IO0I, I002, I003 connected in their plate circuits. These responding relays, with the cooperation of relays I004-I009 send impulses to set the stock registers of Fig. 10 and to set the price registers of Fig. 11. The stock registers of Fig. 10 are labeled SH, ST, SU, and SR. They are the hundreds, tens, units, and range registers, respectively. The price registers of Fig. 11 are labeled PR, PH, PT, PU, and PF. They are the range, hundreds, tens, units, and fraction registers, respectively.

Fig. 12 shows the stock-relay hundreds selector comprising relays I 20 II 2 I 0, of which the relays I20I, I202, and I2I0 only are shown; together with the associated terminals provided below the relays for the interconnection between the relay contacts and the stock-relay pairs, such as the stock-relay pair comprising I24I and I242. The stock-relay pairs are divided into ten groups of not more than one hundred relay-pairs per group, and the relays of Fig. 12 are operated in accordance with the stock-hundreds digit to select the hundreds group in which a stock relay is to be operated.

Each stock on the receiving board is represented by twenty registers, such as the register R-I, Figs. 13 and 14, Fig. 14 being a front View. These registers are arranged in five horizontal rows, four relays to a row. The top row (YC) indicates yesterdays closing price; the next row (OP) indicates todays opening price; the next row (HI) indicates todays high price; the next row (LO) indicates todays low price; and the bottom row (LA) shows the last price received for the stock in question. The stock-range relays I255 and I259, operated under the control of the stockrange register SR, Fig. 10, correspond, respectively, to the rows of stock registers above named. If the relay I255 alone is operated, the incoming price digits are transmitted to the top row only of the registers, the other relays controlling the other rows, respectively.

Fig. 11A shows the local sender which operates under the control of the price registers of Fig. 11 to send impulses to the stock registers through the medium of the receiving relays I25I-I254, Fig. 12A.

Detailed description The system having been described generally, a detailed description of the operation of the apparatus shown will now be given. For this purpose, a description will be given of the operations involved when the operator at the transmitter Tl, shown in Figs. 1 to 8 and 8A sets up a quotation on her key set of which the stock-letter keys are shown in Fig. l, and the digit keys and range keys in Fig. 5.

It will be assumed that the register set #1, comprising the registering apparatus of Figs. 4 and the upper portion of Fig. 6, and relays 835 and 831, Fig. 8, is in service at this time, this being true because the relay GM is energized, as shown, and because the relay M5 is deenergized, as shown. It will be assumed further that the letters representing the stock whose quotation is to be transmitted are the letters B, B, and A and that the price to be transmitted is 104 and /8 dollars (1041). The numerator only of the fractions of dollars is transmitted; the denominator 8, being the same in, all cases, is not transmitted.

It will be assumed further that this. is neither the high price nor the low price of the day and that it is accordingly set up as merely the last price, abbreviated, LA. The full indication to be set up may be represented by BBA-1041-LA.

The first portion is set up by operating the stockletter keys of Fig. 1. The second portion is set up by operating the digit keys of Fig. 5; and the final portion (the range indication) is set up by operating a range key of Fig. 5.

Stock registration To set up this number the operator first operates the letter key B of Fig. 1. These keys,

it will be understood, are non-locking keys of the push-button type, being arranged so that, when the operator depresses a key to close the contacts thereof, and then releases the key, the plunger returns to normal, and the contacts of the key open.

When the key B is pushed, a circuit is closed from; ground through the contacts of the key and through contacts of the normally energized connecting relay 202 for the register relay B of the stock register SRl. Relay B energizes and at its inner upper armature closes a locking circuit for itself through the transfer relay 20! from the grounded conductor 250, which is grounded through contacts of relays 201 and 208 from the grounded conductor 002, which latter conductor is grounded in Fig. 6 through contacts of the error relays, 6l3 of the register set #2, and (H3 of the register set #1. The locking circuit for relay B does not become effective immediately, and relay 20! remains short circuited and deenergized as long as the key B of Fig. 1 is held depressed, but, when the key B is released, the short circuit is removed from around relay 20| and it energizes in series with relay B and opens the circuit of relay 202 and closes a circuit for connecting relay 20d through the inner armature of relay 203. Relay 204 pulls up, and relay 202 falls back and disconnects the conductors of the keys A to R from the storage relays A to R of the stock register SRl. It will be noted, of course, that only the relays A, B, and R of this set are shown and that only the corresponding contacts of relay 202 are shown. It will be understood that the intervening relays are connected up in the same manner as those shown. A similar curtailment occurs in the case of the registers SR2 and SR3, and in each case, it has been for the purpose of simplifying the drawings.

When the operator depresses the stock-letter key B to register. the. second stock letter B, a

circuit is closed through contacts of relay 204 of the stock register SR2 for the B relay in this stock register. It will be noted that this relay is designated --B. This indicates that the registration of this relay is the second letter of a stock, and that the first letter may be any one of several. When the relay ,--Bl operates, it closes at its inner upper armature a locking circuit for itself to the said grounded conductor 250 by way of the transfer relay 203. Relay 203 is accordingly operated when the key B of Fig. 1 is allowed to restore, and it transfers the operating ground from relay 204 to relay 206 by way of contacts of the transfer relay 205. Accordingly relay 204 falls back and disconnects the stock-letter keys A to Z from the second-letter storage relays -A to -Z, and relay 20E energizes through contacts of relays 20!, 203, and 205, and connects the stock-letter keys A to Z to the third-letter relays --A to --Z of the stock register SR3. The relays of the register SR3 are designated in this manner to indicate that they are the third-letter relays and that the first two letters are variable letters; that is, either one of the first two letters may be any one of a plurality.

When the operator depresses the key A of Fig. 1 a circuit is closed through contacts of relay 206 for the relay -A, which operates and at its inner upper armature closes a locking circuit for itself through relay 205 to the ground-ed conducto-r 250. Accordingly, transfer relay 205 operates in series with relay --A when the A key is released, and at its inner armature it disconnects relay 206 and allows it to fall back and disconnect the stock-letter keys from. the associated relays --A to ---Z.

The stock concerning which the quotation is about to be transmitted has now been identified on the registering apparatus by the above-described energization of relay B of the stock register SR1, of relay -B of the stock register SR2, and of the relay -A ofthe stock register SR3. This three-letter registration is to be subsequently translated by the translating appara tus of Fig. 3 into a pre-assigned three-digit code in a manner to be hereinafter pointed out.

Price registration Referring now to Figs. 5, 6, and 7, when the operator depresses the digit key i, Fig. 5, to

register the price-hundreds digit 1. a circuit is closed from ground through the right and left contacts of the digit key I over conductors 5M and 502 for the storage relays A and B of the price-hundreds register PH, Fig. '7, through contacts of connecting relay 102, which latter relay is energized through contacts of transfer relay 70! from the grounded conductor conductor 001 being supplied with ground potential through the lower armature of the energized relay GM- of Fig. 6. When relays A and B of PH operate, they close locking circuits for themselves at their inner armatures through transfer relay l0i to the grounded conductor 006, conductor 006 being grounded at this time through the upper contacts of relay M3 and the normally closed contacts controlled by the upper armature of relay M5. As a result, when the digit key l of Fig. is allowed to restore, the locking circuit for relays A and B becomes effective, and relay i0! energizes therein and transfers the grounded conductor 60! from relay 102 to the connecting relay E04, through contacts of the transfer relay T03. Accordingly-relay .102 fallsback and disconnects the key conductors 5 l5fl4 from the relays A to D of the price-hundreds register PH, and relay I04 operates and connects these conductors to the corresponding'relays of the price-tens register PT.

When the operator depresses the digit key 0 to set up the price-tens digit, a circuit is closed from ground over conductor and through contacts of connecting relay 104 for relay D of the price-tens register PT. Relay D operates and locks itself at its inner armature to the grounded conductor E06 by Way of the transfer relay 103. Relay 703, accordingly, energizes when the digit key ll is restored, and it transfers the operating conductor 60! from connecting relay HM to the connecting relay 108 by way of contacts of the transfer relay 195. Relay 1M accordingly falls back and relay 706 operates, and

, conductors 501-504 are disconnected from the transfer relay 185 to the grounded conductor 606.

As a result, when the key 4 of Fig. 5 is released, relay 1H5 operates and transfers the operating ground from relay N6 of the price-units register to the relay Hi8 of the price-fractions register PF. Conductors Elli-504 are accordingly disconnected from the relays of the price-units register by the deenergization of relay 1GB and are connected to the relays A to D of the register PG by the energization of relay 108.

When the fractions digit 1 (indicating is recorded by depressing the digitkey relays A and B of the price-fractions register PF operate over conductors 5E and 592 and close locking circuits for themselves to conductor 606 by way of transfer relay m1. As a result, relay l'lll operates when the digit key I isreleased, and it opens the circuit of relay I68, whereupon relay 108 falls back and disconnects the conductors 5Ell50 l from the relays A to D of the pricefractions register PF.

Stock-range registration over conductor 5883 and through contacts of relay 6H for relay D of the range register, relay 6| i being energized from the grounded conductor 60'! through contacts of relay 6H]. Upon operating, relay D of the range register R closes a selflocking circuit at its inner contacts through relay m to the grounded conductor Gilli. As a result, relay 6H1 energizes when the range key LA is released, with results to be explained hereinafter.

The registration is now complete and the result of the registration will be taken up in detail.

Stock transfer and translation Since a stock may be identified by one letter, by two letters, or by three letters, arrangements are provided for delaying the transfer of a registration to the translating apparatus of Fig. 3

until a price digit is recorded, in order to avoid.

the premature transfer of a two-letter indication as a single-letter indication or the transfer of a three-letter indication as a two-letter indication. The Way the transfer takes place will now be pointed out. 1

When the transfer relay 10l, associated with the price-hundreds register PH, energizes, as hereinbefore pointed out, upon the release of a digit key following its depression for the first price digit 1, it closes a circuit at its lower armature which starts at ground through the inner lower armature, normal, of transfer relay 6H1 of the stock-range register R, Fig. 6, and continues by way of conductor 60B, lower contacts of relay 1B3, lower contacts of relay 70! (now energized) stock-transfer conductor 60], to the upper armatures of relays A to Z of the register SR3, Fig. 2. This conductor is extendedto the corresponding armatures of the relays -A to Z of the stock register SR2 in case only a two-letter designation is recorded on account of the fact that relay 205 is not energized in such case, and it is extended through contacts of relay 2% to, the corresponding armatures of relays A to R of the stock register SRI in case only a oneletter designation is recorded, as in this case the transfer relay 203 is not operated. However, in the present case, a full three-letter designation is recorded and the further extension of the conductor 60! is prevented due to the operated condition of the upper armature of relay 205. With relay -A energized as before explained, the circuit continues from conductor GUI through the upper contacts of the relay ---A, contacts of the energized relay B, to the relay -BA of the stock translator ST3. Relay BA energizes.

The relay BA, it will be noted, has a plurality of sets of contacts, three contact pairs a set. Each of these contacts sets is associated with a different one of the groups of conductors, three conductors a group, grounded under the control of the relays A to R of the stock register SRI. Relay BA closes all of these conductors through to the left-hand side of the intermediate distributing frame IDF, but only the set labeled BEA at the frame IDF is grounded on account of the fact that only the relay B of the stock register SRI is energized.

On the right-hand side of the intermediate distributing 'frame IDF there are three sets of terminals, one terminal set is connected with a group of conductors labeled CDI, indicating that this group of conductors corresponds to the first code digit; the next set of contacts on the righthand side of the IDF terminates the conductors labeled CD2, having to do with the second code digit; while the third set of contacts terminates the group of conductors CD3, having to do with the third code digit. The contacts of each of these sets are labeled 1 to 0, and they correspond respectively to the digit 1 to 0. The conductor groups CDI, CD2, and CD3 extend at this time through the contacts of the energized relays 403, 404, and 405 to the relays 1 to 0 of the stock code registers SH, ST, and SU, corresponding to the hundreds, tens, and units code digits, by means of which the stocks are identified at the receiving station.

There is a separate code assigned to each stock and the three contacts corresponding to a stock in each case are cross-connected in accordance with the code. For example, the code assigned to the stock BBA, now under consideration, is the code number 152. Accordingly, the upper terminal of the set of three terminating the BBA con-' 

